Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $165,713, with $1,227 from formation and operating costs offset by $164,486 from investment income [115]. - For the nine months ended September 30, 2025, the company had a net income of $156,367, consisting of a loss of $472,179 from formation and operating costs, offset by $628,546 from investment income [115]. IPO and Fundraising - The company completed its IPO on January 4, 2023, raising gross proceeds of $60,000,000 from 6,000,000 units sold at $10.00 per unit [117]. - The Company raised a total of $3,705,000 from the sale of 370,500 Private Placement Units at $10.00 per unit on January 4, 2023 [137]. - An additional $9,000,000 was generated from the underwriters exercising their over-allotment option by purchasing 900,000 Units at $10.00 per unit on January 6, 2023 [138]. Trust Account and Cash Management - Following the IPO, the company held $70,242,000 in a Trust Account, with $16,023,769 in marketable securities as of September 30, 2025 [119]. - In connection with the second shareholder meeting, approximately $38,852,320.60 was redeemed from the Trust Account, leaving approximately $15,240,284 remaining [126]. - The net proceeds from the IPO are invested in U.S. government treasury securities, minimizing exposure to interest rate risk [130]. Business Combination and Extensions - The company has extended the deadline for completing a business combination to October 4, 2025, with provisions for up to nine one-month extensions [125]. - The Company extended the deadline for its initial business combination from October 4, 2023, to January 4, 2024, by depositing $690,000 into the Trust Account [141]. - The Company entered into a Merger Agreement on January 5, 2024, to merge with HCYC Group Company Limited, pending shareholder approval [128]. Related Party Transactions and Fees - As of September 30, 2025, the Company had outstanding amounts due to related parties of $784,700 [142]. - The Company recorded an administration fee of $30,000 for both the three months ended September 30, 2025, and 2024 [143]. - The Company has outstanding loan amounts of $1,262,500 against a promissory note issued to the Sponsor for the extension of the business combination period [141]. Equity and Shareholder Information - The Company issued an additional 287,500 ordinary shares to the Sponsor for no additional consideration, increasing the total founder shares to 1,725,000 [131]. - The Company accounts for ordinary shares subject to possible redemption at a redemption value of $10.91 per share, classified as temporary equity [151]. - The underwriters were granted a 45-day option to purchase up to 900,000 additional Units, which they exercised in full, resulting in a deferred commission of $2,415,000 payable from the Trust Account upon completion of the initial business combination [144]. Advisory and Off-Balance Sheet Arrangements - The Company engaged TenX Global Capital LP as an advisor for the Initial Public Offering and business combination, assisting in various preparatory activities [147]. - The Company has no off-balance sheet arrangements or commitments as of September 30, 2025 [149]. - The Company has not incurred any advisory service fees for both the three and nine months ended September 30, 2025, and 2024 [148].
Alphatime Acquisition Corp(ATMCU) - 2025 Q3 - Quarterly Report